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LED Lighting Market 2023-2027: A Descriptive Analysis of the Five Forces Model, Market Dynamics and Segmentation

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NEW YORK, January 6, 2023 /PRNewswire/ — According to Technavio, the global LED lighting market size is estimated to increase by $34.82 billion from 2022 to 2027. The market is expected to grow at a CAGR of 7.35% during the forecast period. In addition, the growth dynamic will accelerate. APAC will account for 43% of the global market growth over the forecast period.

Technavio has announced its latest market research report titled Global LED Lighting Market 2023-2027

Technavio has announced its latest market research report titled Global LED Lighting Market 2023-2027

For more information on market size, request a sample report

Global LED Lighting Market – Five Forces
The global LED lighting market is fragmented and the five forces analysis covers –

  • The bargaining power of buyers

  • The threat of new entrants

  • Threat of rivalry

  • Bargaining power of suppliers

  • The threat of substitutes

  • For the interpretation of Porter’s five forces model – buy the report!

Global LED Lighting Market – Customer Landscape

The report includes the market adoption lifecycle, from innovator to laggard. It focuses on adoption rates in different regions based on penetration. In addition, the report also includes key purchase criteria and price sensitivity factors to help companies assess and develop their growth strategies.

Global LED Lighting Market – Segmentation Assessment

Overview of segments
Technavio has segmented the market based on application (residential, commercial, outdoor, industrial, and others) and product (luminaries and lamps).

  • The Residential segment will grow at a significant rate during the forecast period. The growth of this segment is attributed to increasing urbanization and increasing demands for energy efficiency. Many consumers prefer personalized interior decoration, including LED lights. Additionally, governments in several countries offer support for LED lighting, as it is energy efficient compared to traditional lights. Additionally, with the growing number of smart cities, many vendors have started offering LED lighting systems. This, in turn, will drive the sales of LED light fixtures worldwide, which will fuel the growth of the residential segment of the market over the forecast period.

Geographic overview
Based on geography, the global LED lighting market is segmented into APAC, Europe, North America, Middle East and Africaand South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the Global LED Lighting Market.

  • APAC is estimated to account for 43% of the global market growth during the forecast period. The growth of the regional market is attributed to the growing demand for energy efficient lighting solutions from the residential and commercial segments. The region has become a hub for the retail, hospitality and healthcare sectors as many companies set up their offices in Asia-Pacific. China is the major revenue contributor country in the market owing to the presence of numerous manufacturing units and LED lighting industries.

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Global LED Lighting MarketMarket dynamics
Key driver of market growth

  • The lower manufacturing cost of LED lamps is driving the growth of the market.

  • Reducing LED production costs lowers the initial installation costs of LED lamps and lanterns, which speeds up the installation of new LED lamps and lanterns.

  • Additionally, governments provide subsidies for semiconductor equipment, such as metalorganic chemical vapor deposition (MOCVD), which is used to manufacture LEDs. This has encouraged LED manufacturers to increase their LED production capacity.

  • These factors will fuel the growth of the market over the forecast period.

Main trends influencing the market

  • The emergence of smart cities is a key market trend.

  • Energy conservation and resource management initiatives by various governments are promoting the development of smart cities.

  • Smart lighting saves energy, has shorter switching times and lowers costs. Smart lighting systems increase the energy efficiency of cities. Streetlights use innovative lighting solutions that automatically implement traffic-based brightness control, remote lighting control, error reporting, theft prevention, streetlight power cord tracking and remote meter reading.

  • Thus, the application of smart lighting can significantly save electricity, improve street lighting control systems and reduce maintenance costs.

  • These factors will support the growth of the market over the forecast period.

Major challenges hampering the growth of the market

  • The limited thermal tolerance of LEDs installed in industrial installations will challenge the growth of the market.

  • The luminous efficacy of LEDs degrades when exposed to high temperatures, high humidity and other extreme environments.

  • When used in an enclosed space, LEDs can negatively affect light output.

  • High internal temperature can cause premature LED failure.

  • These factors will hamper the growth of the market over the forecast period.

Drivers, trends, and challenges impact market dynamics, which can impact
companies. Find insights from a sample report!

What are the key data covered in this LED Lighting market report?

  • CAGR of the market over the forecast period

  • In-depth information on the factors that will drive the growth of the LED Lighting Market between 2023-2027

  • Accurate estimation of the LED lighting market size and its contribution to the parent market

  • Accurate predictions on upcoming trends and changes in consumer behavior

  • LED lighting market growth in APAC, Europe, North America, Middle East and Africaand South America

  • An in-depth analysis of the market competitive landscape and detailed vendor information

  • Comprehensive analysis of factors that will challenge the growth of the LED Lighting Market vendors

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The size of LED lighting market in South Korea will grow at a CAGR of 6.99%, with the market increasing by $1.16 billion during the forecast period from 2021 to 2026. This report covers in detail segmentation by Application (Residential, Commercial, Industrial, Outdoor and Others) and Product (LED Lamps and LED Lighting Fixtures).

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Scope of the LED lighting market

Report cover

Details

Page number

166

base year

2022

Historical period

2017-2021

Forecast period

2023-2027

Growth momentum and CAGR

Accelerate at a CAGR of 7.35%

Market Growth 2023-2027

$34.82 billion

Market structure

Fragmented

Annual growth 2022-2023 (%)

6.8

Regional analysis

APAC, Europe, North America, Middle East and Africa and South America

Successful market contribution

APAC at 43%

Key countries

United States, China, Japan, Germany and United Kingdom

Competitive landscape

Major Vendors, Vendor Market Positioning, Competitive Strategies and Industry Risks

Profiled Key Companies

Acuity Brands Inc., ams OSRAM AG, Bridgelux Inc., Dialight Plc, Digital Lumens Inc., Eaton Corp. Plc, Ennostar Inc., General Electric Co., GrowRay Lighting Technologies, Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips NV, LSI Industries Inc, Lumileds Holding BV, OSRAM GmbH, Panasonic Holdings Corp., Sharp Corp., Signify NV , SMART Global Holdings Inc. and Toyoda Gosei Co. Ltd.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID-19 Impact and Recovery Analysis and Future Consumer Dynamics, Market Condition Analysis for the forecast period.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Explore Technavio’s Industrial Market Reports

Contents

1. Summary

2 Market landscape

3 Market sizing

4 Historical market size

5 Five forces analysis

6 Market Segmentation by Application

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic landscape

10 drivers, challenges and trends

11 Supplier landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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Technavio Research
Jesse Maida
Media & Marketing Manager
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Email: media@technavio.com
Website: www.technavio.com/

Global LED Lighting Market 2023-2027

Global LED Lighting Market 2023-2027

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